February 11, 2019
PIKEVILLE, KENTUCKY – Community Trust Bank, Inc. was recently recognized as the top SBA 504 "Third Party Lender" in Tennessee in federal fiscal year 2017–2018, with $11,480,850 of permanent loans and $6,989,000 of interim 504 loans.
During the 2017–2018 federal fiscal year, Community Trust Bank funded a total of 87 SBA 7a and 504 loans, providing access to $32,018,926 in permanent financing and $12,140,000 in interim financing for small businesses in five states (Kentucky, West Virginia, Tennessee, Virginia and Ohio). Over the last ten federal fiscal years, Community Trust has funded more than 850 SBA 7a and 504 loans, providing in excess of $165 million for small businesses in the region.
“We are pleased to receive this recognition from the Small Business Administration,” said Mark A. Gooch, President and CEO of Community Trust Bank, Inc. “Over the years, the relationship with the SBA has been an excellent one for both Community Trust Bank and our customer base, allowing us to offer competitive business loan products across our service area. I’m proud of our employees as we look forward to continued profitable growth in this business in 2019.”
Terry Spears, SBA Officer for Community Trust, said 2019 should also be a good year for small businesses seeking SBA-guaranteed loans.
“The SBA has a new program this year providing a significant SBA guarantee fee discount on loans of $150,000 or less for borrowers located in rural areas or HUB zones. Many of our borrowers will qualify for this discount,” said Spears. “Also, SBA will waive the SBA guarantee fee completely for veterans on SBA Express loans. We will continue to take advantage of these opportunities to help our customers.”
"We plan to continue to use all lending tools available to help small businesses grow stronger and to create jobs in the communities we serve in Kentucky, West Virginia, and Tennessee," added Spears. “We have good relationships and opportunities to partner with SBA, as well as local, regional and state development agencies in all three states.”
The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA recognizes that small business is critical to the United States’ economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. Although the SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.
Community Trust Bank is a wholly owned subsidiary of Community Trust Bancorp, Inc. Community Trust Bancorp, Inc., with assets of $4.2 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.